21 Day Lockdown & Debt Review

21 Day Lockdown & Debt Review

SA Goes Into Lockdown This Friday

SA President Cyril Ramaphosa announced that the country will enter a 21-day lockdown starting at midnight 26th March 2020.

The banking industry is considered an essential service and so Debt Counsellors who are able to work from home and assist clients over the internet and phone will be able to conduct business on behalf of financially stressed individuals.

In the months ahead there will be many provisions made for consumers under financial strain due to the lockdown and also drop in revenue caused by Covid-19. Debt Counsellors around the country are preparing to be extra busy assisting consumers to deal with the tough days ahead.

Debt Review Consumers

Many consumers are worried about making their debt review payments in the face of falling income and the pending lockdown. Please remember that all debt is still payable.  If you are going to be unable to meet your payment obligations contact your debt counsellor immediately.  If have been placed on short time, you will need to get a letter from your employer to confirm this.  Letters can then be sent to credit providers to see what can be done.

Debt Relief Fund For Small Businesses

The Department of Small Business Development is also establishing a debt relief fund to help to soften the blow of the coming lockdown.

Khumbudzo Ntshavheni (small business minister) has said that the fund will help provide SMME’s with relief with regard to their existing debt obligations.

She has also said that “For SMMEs to be eligible for assistance under the debt relief fund, the applicant must demonstrate the direct link of the impact or the potential impact of Covid-19 on business operations”. Which makes sense. The fund will help companies get raw material, pay staff and running costs based on the businesses existing cash flow patterns prior to the Covid-19 Pandemic. So business owners should prepare their financials to be able to sufficiently demonstrate that.

To enrol on the SMME South Africa platform in advance click here.

If you are in need of assistance during the lockdown period contact Debt Free With Armani on the details below:

Armani Mobile: 079 616 6874

Debt-Rite Mobile: ‎084 535 6493

Email:

admin@armanigroup.co.za

admin1@armanigroup.co.za

tdekker@armanigroup.co.za

Source: https://debtfreedigi.co.za/covid-19-lockdown-announced/

Leave a Reply